Naveen Jindal–led Jindal Steel and Power Ltd (JSPL) reported a 272 per cent increase in consolidated net profit to ₹1,982 crore for the quarter-ended December 31, 2023. The net profit in the year-ago-period was ₹518 crore.

The company’s net revenues, however, saw a 6 per cent decline y-o-y to ₹11,736 crore.

During the quarter under review, adjusted EBITDA stood at ₹2,715 crore, up 26 per cent.

On a standalone basis, the steel-maker, amongst the top five in the country, reported a profit after tax (PAT) of ₹1,484 crore; as against the net loss of ₹4,512 crore in the year-ago-period.

Raw material cost

It saw improvement in NSR (net sales realisations) supported by lower raw material cost with “benefits from captive thermal coal mines in India materialising”. The benefits, were however, partly offset by lower volumes during the quarter.

The production and sales stood at 1.94 mt ( down 6 per cent) and 1.81 mt ( down 5 per cent) respectively.

Share of exports decreased to 3 per cent in Q3 FY24 vis-à-vis 5 per cent during the Q3 FY23.

Naveen Jindal, Chairman, JSPL, in a statement said, during the quarter, the company commissioned the Utkal C thermal coal mines, state-of-the-art HSM (hot stip mill) and International EPD certifications for hot rolled plates/coils and structural steel.

“This demonstrates our commitment and capability to execute the capex plan which will surely make JSPL one of the most cost efficient and eco-friendly steel companies in India,” he said.

The total capex for the quarter was ₹2,259 crore and for 9MFY24 was ₹5,994 crore.

Net debt stood at ₹9,115 crore as on December 31, 2023, as compared to ₹7,713 crore for the September quarter. Net debt to EBITDA stood at 0.92x.